OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia.

Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman to extend the OPEC+ agreement at current production levels for the rest of this year and potentially into early 2020.

"Today our forecast for gas pipeline deliveries in 2019 to Europe and Turkey is between 198.6 and 201.1 Bcm," Miller said in a speech at the company's annual general meeting. Gazprom exported 201.9 Bcm to Europe in 2018, accounting for around 36.8% of the market.

in the presence of the President of Russian Federation Vladimir Putin, and the Prime Minister of Japan Shinzo Abe, PAO NOVATEK and the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation JOGMEC signed the Sales and Purchase Agreement to purchase a 10% participation interest in the Arctic LNG 2 project.

“Today, more than ever, international cooperation is important,” Novak said in a speech at an energy forum in the Russian city of St Petersburg.

Iran and Russia already have a deal whereby Iran sells 100,000 b/d of crude oil to Russia and receives 50% of the value in cash and 50% in equipment.

The Gazprom Management Committee reviewed the progress of the construction projects for the Nord Stream 2 and TurkStream export gas pipelines.

More than a third of Europe’s gas comes from Russia, and most of that goes through Ukraine’s Soviet-era pipelines. Ukraine has proposed that the European Union store as much as 4 billion cubic meters of gas in its underground storage facilities to guarantee security of supply for eastern European countries heavily reliant on Russian gas, pipeline operator Ukrtransgaz said this week.

In 2018, the Gazprom Group sold 243.3 billion cubic meters of gas (both exports from the Russian Federation and sales of gas purchased abroad, including LNG) outside the former Soviet Union, with the sales revenue totaling RUB 3,770.3 billion.

Iran and Russia have signed a Memorandum of Understanding on oil and gas cooperation which will bolster the two countries’ energy relations.

OPEC and 10 non-OPEC partners, led by Russia, agreed in December to cut a combined 1.2 million b/d of production in the first half of 2019.

Gazprom's 10-year transit deal with Ukraine's Naftogaz expires on December 31 this year, with some in the European gas market becoming increasingly concerned that there could be disruption to Russian gas flows via Ukraine as a result.

Sberbank, EuroChem Group AG and SUEK JSC announced a strategic co-operation agreement signed at the St. Petersburg International Economic Forum.

The NWF currently stands at $59 billion and is expected to quadruple to over $200 billion, or 12% of gross domestic product, in 2021. Under the law, Russia may start to use the fund as soon as it reaches 7% of GDP.

Real GDP growth in Russia surpassed expectations in 2018, reaching 2.3 percent, mostly due to oneoff effects of energy construction. Forecasted growth of 1.2 percent in 2019 and 1.8 percent in 2020 and 2021 reflects a more modest outlook.